Azimut Holding S.p.A. (AZM.MI)

Industry: Asset Management Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
KLCIX	124	Federated Hermes K	1,624	-	-	0.18	0.17	0.20	0.18
PHYS	125	Sprott Physical Go	1,615	3.26	2.33	3.26	2.33	1.72	2.33
ANIM.MI	126	Anima Holding S.p.	1,585	7.48	6.73	5.66	5.26	12.37	5.98
ALLFG.AS	127	Allfunds Group plc	1,560	-	-	1.00	1.00	0.77	1.37
STEP	128	StepStone Group In	1,535	-	-	-	-	-	-
MAF.AX	129	MA Financial Group	1,469	21.22	21.22	8.93	8.93	2.90	4.73
ATST.L	130	Alliance Trust PLC	1,467	3.33	3.00	4.82	4.14	2.76	3.06
AZM.MI	131	Azimut Holding S.p	1,460	7.84	7.29	5.12	4.69	6.25	4.92
UB	132	MUFG Americas Hold	1,458	-	-	9.92	9.64	-	-
VZN.SW	133	VZ Holding AG	1,439	15.96	12.82	9.83	7.79	7.62	6.37
KCG	134	KCG Holdings, Inc.	1,364	5.33	5.33	2.19	2.19	-	2.88
EMBJ	135	Embraer S.A.	1,318	37.97	37.97	14.53	14.53	17.75	20.04
CORU.L	136	Corticeira Amorim,	1,239	113.52	110.42	55.01	51.76	110.65	78.96
TFG.AS	137	Tetragon Financial	1,213	1.76	1.00	5.57	5.57	2.38	1.37
VCTR	138	Victory Capital Ho	1,164	14.57	13.43	7.99	7.23	7.55	8.86
APAM	139	Artisan Partners A	1,158	11.62	10.80	6.54	6.14	7.60	7.96

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.48	6.73	5.61	5.41	2.83	3.06
Full Range Median Multiple	11.62	10.80	6.10	5.85	5.23	4.73
Industry Multiple	21.46	20.46	9.67	9.05	14.52	11.08
Market Implied Multiple	10.72	9.96	7.21	6.60	8.79	6.93
Company (AZM.MI) Multiple	7.84	7.29	5.12	4.69	6.25	4.92
(*) Net Income / EBITDA / Revenue	579	623	800	873	656	832
Winsorized Enterprise Value	N/A	N/A	4,488	4,724	1,856	2,549
Full Range Median Enterprise Value	N/A	N/A	4,879	5,112	3,427	3,936
(-) Net Debt	-444	-444	-444	-444	-444	-444
Winsorized Equity Value	4,334	4,195	4,933	5,169	2,300	2,993
Full Range Median Equity Value	6,730	6,731	5,324	5,556	3,871	4,380
(/) Shares Outstanding	167	167	167	167	167	167
Winsorized Fair Value	$25.94	$25.11	$29.52	$30.94	$13.77	$17.92
Full Range Median Fair Value	$40.28	$40.29	$31.87	$33.26	$23.17	$26.22
Current Price	$37.16	$37.16	$37.16	$37.16	$37.16	$37.16
Upside / Downside	-30.19%	-32.43%	-20.55%	-16.75%	-62.95%	-51.79%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$18.16	$17.58	$20.67	$21.66	$9.64	$12.54
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy